Algeria, Tunisia, and Libya Establish Partnership Council to Strengthen Economic Cooperation

✏️ By: Dr. Hana Saada

Algiers, Algeria | July 23rd, 2024 — On Monday, a transformative agreement was finalized in Algiers, marking the formation of a new Council of Partnership among Algeria, Tunisia, and Libya.

This significant development was announced during a high-level meeting attended by key representatives from the Algerian Economic Renewal Council (CREA), the Tunisian Union of Industry, Commerce, and Handicrafts (UTICA), and the Libyan General Union of Chambers of Commerce, Industry, and Agriculture (GUCC). The newly established Council is designed to bolster economic cooperation and integration across these North African nations, aiming to enhance their collective economic standing and global positioning.

The creation of the Council represents a major milestone in advancing economic collaboration among the three countries. The meeting was graced by the presence of Kamel Moula, President of CREA; Samir Majoul, President of UTICA; and Mohammed Raied, President of GUCC. The central goal of this Council is to leverage the complementary economic strengths of Algeria, Tunisia, and Libya, thereby improving their integration into global value chains and fostering a more cohesive regional economy.

Strategically, the Council is set to focus on several key objectives. One of the primary aims is to deepen the economic ties between the three nations, aligning with the political directives established during a recent summit attended by President Abdelmadjid Tebboune of Algeria, President Kais Saied of Tunisia, and President Mohammed El Menfi of Libya. This summit highlighted the commitment to enhance regional security, stability, and economic integration.

Furthermore, the Council will actively pursue high-value partnerships between both private and public sector entities from Algeria, Tunisia, and Libya. It will work to improve global value chains and support sustainable economic development that benefits the citizens of the three countries. The organizations involved have advocated for the swift establishment of free trade zones and intelligent industrial zones, particularly in border regions, to facilitate greater economic interaction. Regular business and partnership meetings will also be organized to further stimulate economic engagement and market access among the nations.

Following the consultative meeting, a Memorandum of Understanding (MoU) was signed by CREA, UTICA, and GUCC, formalizing their commitment to collaborative economic development. This agreement lays the groundwork for a coordinated approach to addressing current economic challenges and adapting to evolving global economic conditions.

In summary, the formation of the Council of Partnership represents a significant advance in regional economic diplomacy. It underscores a united effort towards enhanced economic integration and development among Algeria, Tunisia, and Libya. This initiative is poised to create a more dynamic and resilient economic zone in North Africa, reflecting a shared vision of stability, progress, and economic growth for the three nations and their populations.

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